FDG Electric Vehicles Ltd revenue jumped on 19.7% while EBITDA Margin dropped on 18.1 pp from -69.9% to -88.1%
29/06/2016 • About FDG Electric Vehicles Ltd (
$729) • By InTwits
FDG Electric Vehicles Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- FDG Electric Vehicles Ltd doesn't have a profitable business model yet: FY2016 ROIC is -10.0%
- The company operates at negative EBITDA Margin: -88.1%
- FDG Electric Vehicles Ltd spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -56.6%0
- FDG Electric Vehicles Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 251.2%. At the same time it's a lot of higher than industry average of 15.2%.
- CAPEX is quite volatile: 1,132 in FY2016, 1,266 in FY2015, 58.2 in FY2014, 43.7 in FY2013, 214 in FY2012
- The company has unprofitable business model: ROIC is at -10.0%
- It operates with high leverage: Net Debt/EBITDA is -1.2x while industry average is -2.5x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
FDG Electric Vehicles Ltd ($729) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 57.2 | 53.2 | 81.9 | 303.6 | 363.4 | 19.7% |
| Gross Profit | 2.5 | 6.5 | 4.9 | 70.5 | 144.2 | 104.5% |
| SG&A | 106.2 | 102.0 | 136.9 | 261.0 | 387.1 | 48.3% |
| EBITDA | 39.1 | 1.8 | 5.2 | -212.3 | -320.0 | |
| Net Income | -442.3 | -324.4 | -906.4 | -409.8 | -228.2 | |
Balance Sheet
|
|---|
| Cash | 216.9 | 140.6 | 1,069.6 | 731.5 | 942.0 | 28.8% |
| Short Term Debt | 0.0 | 107.7 | 380.4 | 880.2 | 1,102.2 | 25.2% |
| Long Term Debt | 121.2 | 0.0 | 0.0 | 1,156.0 | 1,357.4 | 17.4% |
Cash flow
|
|---|
| Capex | 213.9 | 43.7 | 58.2 | 1,266.0 | 1,132.0 | -10.6% |
Ratios
|
|---|
| Revenue growth | -23.1% | -7.0% | 54.0% | 270.8% | 19.7% | |
| EBITDA growth | -86.7% | -95.5% | 196.2% | -4,166.2% | 50.7% | |
| Gross Margin | 4.4% | 12.3% | 5.9% | 23.2% | 39.7% | 16.5% |
| EBITDA Margin | 68.3% | 3.3% | 6.4% | -69.9% | -88.1% | -18.1% |
| Net Income Margin | -773.8% | -610.1% | -1,107.1% | -135.0% | -62.8% | 72.2% |
| SG&A, % of revenue | 185.7% | 191.8% | 167.2% | 86.0% | 106.5% | 20.6% |
| CAPEX, % of revenue | 374.3% | 82.3% | 71.1% | 417.0% | 311.5% | -105.5% |
| ROIC | -12.3% | -18.3% | -8.1% | -12.5% | -10.0% | 2.6% |
| ROE | -86.2% | -74.6% | -87.4% | -21.5% | -8.4% | 13.1% |
| Net Debt/EBITDA | -2.5x | -18.6x | -132.0x | | | 0.0x |
Revenue and profitability
FDG Electric Vehicles Ltd's Revenue surged on 19.7%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.9 pp from -8.9% to -5.0% in FY2016.
Gross Margin jumped on 16.5 pp from 23.2% to 39.7% in FY2016. SG&A as a % of Revenue jumped on 20.6 pp from 86.0% to 107% in FY2016.
Net Income marign jumped on 72.2 pp from -135% to -62.8% in FY2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 312% in FY2016. The company's CAPEX/Revenue surged on 229 pp from 82.3% in FY2013 to 312% in FY2016. It's average CAPEX/Revenue for the last three years was 267%.
Return on investment
The company operates at negative ROIC (-9.99%) and ROE (-8.40%). ROIC increased on 2.6 pp from -12.5% to -10.0% in FY2016. ROE jumped on 13.1 pp from -21.5% to -8.4% in FY2016.
Leverage (Debt)
Debt level is -1.2x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in FY2016. Debt jumped on 20.8% while cash surged on 28.8%.
Appendix 1: Peers in Electrical Compo&Equip
Below you can find FDG Electric Vehicles Ltd benchmarking vs. other companies in Electrical Compo&Equip industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Applied Development Holdings Ltd ($519) | -29.1% | | | 850.5% | |
| Jimei International Entertainment Group Ltd ($1159) | 100.6% | 652.0% | -31.2% | 273.5% | |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | -12.0% | 8.7% | 44.1% | 69.8% | |
| Sun King Power Electronics Group ($580) | -6.0% | 29.0% | -30.1% | 51.2% | |
| CEC International Holdings Ltd ($759) | 23.9% | 60.8% | 43.0% | 32.3% | |
| |
|---|
| Median (33 companies) | -2.9% | 8.9% | 15.5% | 6.0% | 4.7% |
|---|
| FDG Electric Vehicles Ltd ($729) | | -7.0% | 54.0% | 270.8% | 19.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Titans Energy Technology Group Co Ltd ($2188) | 41.4% | 27.3% | 33.7% | 36.6% | |
| Boer Power Holdings Ltd ($1685) | 36.8% | 36.0% | 35.3% | 35.7% | |
| Sun King Power Electronics Group ($580) | 25.4% | 30.0% | 30.8% | 34.1% | |
| China High Speed Transmission Equipment Group Co Ltd ($658) | 24.4% | 24.9% | 24.8% | 32.5% | |
| CEC International Holdings Ltd ($759) | 23.6% | 27.9% | 29.9% | 31.8% | |
| |
|---|
| Median (31 companies) | 19.6% | 17.9% | 16.6% | 16.2% | 26.4% |
|---|
| FDG Electric Vehicles Ltd ($729) | 4.4% | 12.3% | 5.9% | 23.2% | 39.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shougang Concord Technology Holdings ($521) | 12.3% | 28.1% | 31.9% | 45.8% | |
| Boer Power Holdings Ltd ($1685) | 26.3% | 27.8% | 28.5% | 28.6% | |
| China High Speed Transmission Equipment Group Co Ltd ($658) | 20.2% | 19.2% | 20.8% | 26.3% | |
| China Titans Energy Technology Group Co Ltd ($2188) | 10.8% | -11.9% | 2.0% | 16.5% | |
| Sun King Power Electronics Group ($580) | 8.4% | 13.8% | 2.2% | 15.8% | |
| |
|---|
| Median (33 companies) | 7.8% | 7.3% | 3.8% | 6.6% | 12.8% |
|---|
| FDG Electric Vehicles Ltd ($729) | 68.3% | 3.3% | 6.4% | -69.9% | -88.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Applied Development Holdings Ltd ($519) | 79.7% | | 1,285.3% | 89.8% | |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | 23.1% | 50.7% | 13.5% | 22.8% | |
| Jimei International Entertainment Group Ltd ($1159) | 0.1% | 15.2% | 0.6% | 7.3% | |
| CEC International Holdings Ltd ($759) | 8.8% | 10.1% | 4.3% | 6.9% | |
| Coslight Technology International Group Co Ltd ($1043) | 9.3% | 11.4% | 11.5% | 5.7% | |
| |
|---|
| Median (33 companies) | 6.4% | 5.0% | 3.6% | 2.6% | 8.3% |
|---|
| FDG Electric Vehicles Ltd ($729) | 374.3% | 82.3% | 71.1% | 417.0% | 311.5% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Boer Power Holdings Ltd ($1685) | 18.0% | 17.0% | 21.2% | 19.5% | |
| Tianneng Power International Ltd ($819) | 20.0% | 4.5% | -3.6% | 14.9% | |
| Jiangnan Group Ltd ($1366) | 14.9% | 14.1% | 13.5% | 12.8% | |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | 1.8% | 3.0% | 10.4% | 12.0% | |
| Johnson Electric Holdings Ltd ($179) | 11.7% | 11.6% | 12.7% | 11.2% | 7.4% |
| |
|---|
| Median (33 companies) | 2.8% | 3.0% | 2.8% | 3.2% | 7.4% |
|---|
| FDG Electric Vehicles Ltd ($729) | -12.3% | -18.3% | -8.1% | -12.5% | -10.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Wai Chi Holdings Co Ltd ($1305) | 3.4x | 3.1x | 2.0x | 11.8x | |
| Coslight Technology International Group Co Ltd ($1043) | 51.9x | 8.7x | 54.7x | 7.7x | |
| Guodian Technology & Environment Group Corp Ltd ($1296) | 6.3x | 7.6x | 6.8x | 6.9x | |
| Leoch International Technology Ltd ($842) | 9.3x | 16.3x | 4.7x | 5.0x | |
| CEC International Holdings Ltd ($759) | 3.9x | 6.1x | 4.1x | 4.9x | |
| |
|---|
| Median (26 companies) | 1.6x | 1.8x | 2.3x | 1.0x | 0.8x |
|---|
